EXHIBIT 10.13
Amendment to Salary Continuation plan of Xxxxxxx Xxxxxxx
AMENDMENT TO EXECUTIVE SALARY CONTINUATION AGREEMENT
This amendment to Executive Salary Continuation Agreement ("Amendment") is made
and entered into by and between Palomar Community Bank, a California state
banking corporation, ("Employer"), and Xxxxxxx Xxxxxxx ("Executive')
RECITALS
A. Employer and Executive are parties to that certain Executive Salary
Continuation Agreement ("Agreement"), dated October 1, 2001.
B. Employer and Executive wish to amend the Agreement as provided in this
Amendment.
AMENDMENT
1. Section 1.2 of the Agreement is amended to read as follows:
1.2 Annual Benefit. The term "Annual Benefit" shall mean an
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annual sum of seventy-five thousand dollars ($75,000),
increased by 3% on each anniversary of the date of this
Agreement until the date of the first payment hereunder,
multiplied by the Applicable percentage (defined below) and
then reduced to the extent required: (i) under the other
provisions of this Agreement; (ii) by reason of the lawful
order of any regulatory agency or body having jurisdiction
over the Employer; and (iii) in order for the Employer to
properly comply with any and all applicable state and
Federal laws, including, but not limited to, income,
employment and disability income tax laws(e.g. FICA, FUTA,
SDI).
2. Schedule A to the Agreement is replaced with the Revised
Schedule A attached to this Amendment
3. Except as specifically amended herein, the Agreement shall
remain in full force and effect as written.
Dated: March 22, 2002 /s/
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PALOMAR COMMUNITY BANK
Dated: March 22, 2002 /s/
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Xxxxxxx Xxxxxxx
REVISED SCHEDULE A
NUMBER OF COMPLETE YEARS OF SERVICE APPLICABLE
PERCENTAGE
1 10%
2 20%
3 30%
4 40%
5 50%
6 60%
7 70%
8 80%
9 90%
10 or more 100%
